The Federal Court of Arbitrazh for the Moscow District refused to reconsider the complaint for RUR 1.318 billion that was filed by Energotrade against oil major Rosneft. Energotrade is a little-known energy trader. The Moscow District Arbitrazh Court affirmed the decision of the lower court.

Energotrade made the argument that Rosneft’s obligation for the amount of the claim arose from promissory notes issued by Yuganskneftegaz, which was acquired by Rosneft three years ago. Yuganskneftegaz was the chief oil production arm of Yukos before it was acquired by Rosneft in 2004 at the state-organized auction to repay taxes owed by Yukos.